I ran across a Florida County website while at work and saw some information concering the tax lien sale’s in florida. From what I understand it seems that you purchase the liens, the owner has a certain period of redemption (2 years i believe) and they have to pay the balance owed with a certain percentage “taxed” on as your profit. If they DON’T pay during the period of time you have the option to foreclose on their condo, townhouse, whatever.
Has anyone actually gone through this process? The website stated they opened the auction up online and auctioned off more then 3000 properties this year. It doesn’t seem that bad of an idea for someone looking for a retirement home further down the line or even a vacation home for MUCH cheaper then market value. If anyone’s gone through this, could you give a quick run down of the process to see if its even worth pursuing or is it a nightmare to try and partake in. I think i remember ReoConsultants mentioning something about it before but i’m not totally sure…too much information on this board to remember it all :-. Thanks.